05:40 AM EST, 01/27/2025 (MT Newswires) -- ASML Holding ( ASML ) , Nvidia ( NVDA ) and other technology stocks were down sharply in Monday's premarket activity after Chinese artificial intelligence startup DeepSeek released an open-source AI model that it said can run on less sophisticated chips.

ASML ( ASML ) fell more than 10% pre-bell while Nvidia ( NVDA ) fell more than 11%. Futures tied to the tech-heavy Nasdaq were down around 3.5%.

"Concerns have immediately emerged that [DeepSeek] could be a disruptor to the current AI business model, which relies on high end chips and extensive computing power and hence energy," Bloomberg quoted Jefferies analysts as saying in a note.

Advanced Micro Devices ( AMD ) , Intel ( INTC ) , Qualcomm ( QCOM ) and Applied Materials ( AMAT ) shares fell between 3% and 7% pre-bell, while Broadcom ( AVGO ) and Micron Technology ( MU ) were down 11% and nearly 9%, respectively.

Meta Platforms ( META ) declined 4.7% and Taiwan Semiconductor Manufacturing ( TSM ) fell nearly 11%.